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U.S. Attorney General Eric Holder said Monday that no person or bank, no matter how large or how profitable, is immune to prosecution if they break the law.

"There is no such thing as 'Too Big to Jail,'" Holder said in a weekly address on the Justice Department's website.

The comments came as federal prosecutors push two banks, BNP Paribas SA and Credit Suisse AG, to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

U.S. Attorney General Eric Holder said no person or bank is immune to prosecution if they break the law.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is "resolved to seeing them through."

French bank BNP Paribas warned last week it faces fines from U.S. authorities in excess of $1.1 billion over allegations that it violated U.S. sanctions against Iran and other countries.

The Swiss finance minister met Holder on Friday to discuss a U.S. probe into Swiss banks that allegedly helped Americans evade U.S. taxes, which includes Credit Suisse.

First published May 5 2014, 8:17 AM

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Attorney General Holder: No Such Thing as "Too Big to Jail"

No such thing as 'too big to jail':AG Holder

Attorney General Eric Holder discusses the Department of Justice's belief that no company, no matter how big, is above the law, including the big banks. "No individual or company," he says, "is above the law.

The U.S. Justice Department is pursuing criminal investigations of financial institutions that could result in action in the coming weeks and months, U.S. Attorney General Eric Holder said in a video, adding that no company was "too big to jail.''

The comments, made in a video posted on the Justice Department's website on Monday, came as federal prosecutors push two banks, BNP Paribas and Credit Suisse, to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is "resolved to seeing them through.''

"I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law,'' Holder said in the video. "There is no such thing as 'too big to jail.'''

French bank BNP Paribas warned last week it faces fines from U.S. authorities in excess of $1.1 billion over allegations that it violated U.S. sanctions against Iran and other countries.

Continued here:
US closer to charging banks

The U.S. Justice Department is pursuing criminal investigations of financial institutions that could result in action in the coming weeks and months, U.S. Attorney General Eric Holder said in a video, adding that no company was too big to jail.

The comments, made in a video posted on the Justice Departments website on Monday, came as federal prosecutors push two banks, BNP Paribas SA and Credit Suisse AG , to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is resolved to seeing them through.

I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law, Holder said in the video. There is no such thing as too big to jail.

French bank BNP Paribas warned last week it faces fines from U.S. authorities in excess of $1.1 billion (652.1 million pounds) over allegations that it violated U.S. sanctions against Iran and other countries.

The Swiss finance minister met Holder on Friday to discuss a U.S. probe into Swiss banks that allegedly helped Americans evade U.S. taxes, which includes Credit Suisse.

While units of financial institutions have agreed to plead guilty to breaking U.S. criminal laws, such agreements have usually involved foreign subsidiaries who have little contact with U.S. regulators.

Japanese units of UBS AG and Royal Bank of Scotland plc, for example, pleaded guilty in the past two years to resolve criminal charges that their traders manipulated the Libor benchmark interest rate.

A criminal conviction of an entity regulated in the United States could lead authorities to potentially revoke a charter or undertake other punitive measures.

In his video, Holder said prosecutors are working closely with regulators to address the issues before taking action.

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U.S. Attorney-General says banks may face criminal cases soon

WASHINGTON - Foreshadowing possible criminal charges against banking giants Credit Suisse and BNP Paribas, Attorney General Eric Holder offered an ominous warning Monday, saying, "There is no such thing as too big to jail.''

"Some have used that phrase to describe the theory that certain financial institutions, even if they engage in criminal misconduct, should be considered immune from prosecution due to their sheer size and their influence on the economy,'' Holder said during a weekly video message posted on the Justice Department website.

"That view is mistaken. And it is a view that has been rejected by the Department of Justice. To be clear: No individual or company, no matter how large or how profitable, is above the law. When the Department of Justice conducts investigations, we will always follow the law and the facts wherever they lead.''

Holder did not identify the targets of the inquiries by name, but a Justice official confirmed that federal prosecutors are close to wrapping up investigations involving the two banks and will likely be announcing criminal charges in the coming weeks. The official is not authorized to comment publicly on the pending criminal investigations.

Federal prosecutors have been investigating BNP for alleged violations of U.S. sanctions lodged against countries, including Iran and Sudan. Credit Suisse, meanwhile, is being targeted for allegedly providing illegal tax shelters for Americans.

The criminal inquiries have been proceeding as prosecutors and regulators attempt to resolve the matters without creating havoc in the larger financial system.

"It is true that criminal charges involving a financial institution can sometimes trigger serious follow-on actions by that company's financial regulators,'' Holder said Monday "In some cases, it may even trigger the loss of the institution's charter.''

The attorney general said it would be "irresponsible not to consider'' such damaging results.

"But rather than wall off banks from prosecution, the potential for such severe consequences simply means that federal prosecutors conducting these investigations must go the extra mile to coordinate closely with the regulators that oversee these institutions' day-to-day operations,'' Holder said.

"So long as this coordination occurs, it is fully possible to criminally sanction companies that have broken the law, no matter their size.''

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Holder warns banks: 'No such thing as too big to jail'

Letting Guns Walk: Federal Gun Smuggling Sting Operation - Eric Holder, Attorney General (2012)
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Letting Guns Walk: Federal Gun Smuggling Sting Operation - Eric Holder, Attorney General (2012) - Video